Entertainment

Ne-Yo sues accountant for $8 million

BANG Showbiz -
Aug 1, 2014 / 8:00 am | Story:
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Ne-Yo sues accountant for $8 million

Ne-Yo is suing his former accountant for $8 million.

The 'Closer' hitmaker, real name Shaffer Smith, has filed a new lawsuit against his one-time "manager, confidant, trusted adviser and friend" Kevin Foster in Manhattan's Federal Court in New York City, claiming he swindled him out of $4.5 million.

In court documents, obtained by the New York Daily News, the 31-year-old star says he agreed to let the accounting company Foster was working for handle all of his "business management and accounting needs," ensuring he "was financially situated as to maintain his accustomed lifestyle for the remainder of his life," after they were first introduced in 2005.

Foster subsequently left the firm to start his own company and Ne-Yo accompanied him, as they had "developed a personal relationship, with Smith eventually placing complete trust in Foster's handling Smith and his companies' finances and affairs."

But the 'Sexy Love' singer claims he later discovered that Foster had moved some of his money without his permission and when he hired another accountancy firm, they "uncovered instances of Foster engaging in self-dealing and inappropriate conduct," which allegedly included forging Ne-Yo's name on loan documents and investing the star's money into a struggling water company, without telling him that he was the president and CFO of the venture.

The Grammy Award-winning singer is seeking the return of the $4.5 million, in addition to the $3.5 million fees he paid Foster since 2005.